Can the blockchain technology can be used to create organizations which can directly or indirectly impact the environment or climate change in a positive way?
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Here are some ways in which blockchain technology be used for the environment -
1. Blockchain can be used to incentivize people who recycle their stuff. For example, making an app that stores your record of recycling stuff and then gives you tokens which can then be used for various purposes.
2. Energy sector can be revolutionized with this technology. I attended a conference where I presented an Action Project on how to use blockchain and IoT to solve the energy crisis. Something like peer to peer blockchain based energy system that would reduce the need to transmit electricity over long distances. Then further we can use smart contracts to trade our carbon emission licences too.
3. Blockchain-based NGOs can be another thing. If you donate, let's say 100 dollars, then you can track every penny and where it is being spent. Also, you can transfer your funds without any banks and all.
4. Tracking the product from raw material to its final stage of a finished product. Taking all the data and see how much carbon footprint it is generating and taxing the products accordingly. If products with more carbon footprint are expensive, people will buy more eco-friendly products. Everything can be validated and trusted using a blockchain.
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Of course it dies. Blockchain tech applications are truly limitless and their potential quite phenomenal. Climate change and environmental issues are a major concern for the entire world to many countries governments and it's just a matter of time before we see decentralized organizations taking full advantage of the power of blockchain technology to tackle the extremely important and crucial subject of climate change
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Yes of course blockchain can impact the environment and climate change - it already does, actually.
Firstly, all mining with Proof of Work (PoW) impacts the environment. A 2014 study by Karl J. O’Dwyer and David Malone showed that the energy consumption of BTC was equivalent to the electricity consumption of a country like Ireland, around 3 GW. Just imagine how many new coins appeared since then and what must have been added to the energy bill. So, I seriously hope that smart Proof of Stake (PoS) algorithms, that are equally safe for the network, are developed to reduce the energy consumption by PoW mining. On a side-note: Around 60% of the hashrate is located in China due to low energy cost, mainly coming from coal, but increasingly coming from solar. So, mining with renewable energy will at least reduce the problems. Apart from mining with solar there are already projects like that, e.g, in Iceland with geothermal power or in Austria with hydro power.
Secondly, every financial transaction has a carbon footprint and I'm pretty sure that there's a significant percentage of people that would opt for low emission financial transactions. So if a cryptocurrency could proof it would have a significantly lower carbon footprint than existing solutions it might help its adoption.
Thirdly, projects like SunContract or PowerLedger that facilitate tracking, distribution, and remuneration of decentralized (solar) energy production could change how our energy grids and energy consumption is working. Combine this with smart meters, optimized consumption, and refueling of batteries when energy is abundant, and it will make production and consumption of renewable energy way more efficient.
I'm pretty sure blockchain will change our world. Some things are precarious, but many innovations can change our lives for the better.
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Blockchain is nothing but a chain of individual blocks. A block chain. Each block is nothing more than a record of debit or credit. A record of transaction in other words. How much sent from where and to whom. That's it. And a chain is a set of such journal entries.
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